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Six FinTech companies opened in Vizag

In what could be a shot in the arm of the “Digital Andhra Pradesh’, six FinTech companies, including, India’s largest mobile commerce firm, PayTM, launched their development centres in Visakhapatnam. The government initiative to make the Port City the ‘Financial Valley’ of the State took wings, with Chief Minister Mr. N Chandrababu Naidu inaugurating a technology-based financial services and academic centre at IT SEZ here.
The FinTech institution will train engineering and management graduates on use of financial technology, apart from providing a start-up dais to young innovators.
Mr. Naidu said digital technology will play a vital role in the finance management. The government is determined to include information and communication technologies as an effective tool to achieve economic development.
FinTech is one of the strategic focus areas of the government and this strategy has become more relevant post-demonetisation, Special Chief Secretary to CM on IT Mr. J.A. Chowdary said.
Giving more details, he said six companies had set up their development centres in the FinTech Towers, which was readied by the IT Department.
The facility can house units of up to 20 companies. In the first phase, the government has taken 1.3 lakh sqft of the three-storey building on lease for the purpose.
12 MoUs inked
Earlier in the day, Mr. Chandrababu Naidu interacted with the CEOs of around 60 firms, apart from business honchos, IT professionals and university heads. In total, 12 MoUs were signed in various areas of financial technology. Several institutions, including GMS Global, ANSR Consulting, Value Labs, HSBC, GITAM University, Nobel Institute of Technologies, Anantha Lakshmi Institute of Technologies, Gayatri and Bullayya Colleged signed the pact with the government to step into the ‘FinTech Valley’ project.
Digital varsity at Tirupati
To solve the problem of digitisation, the government will establish an International Institute of Digital Technology (IIDT), the first of its kind in the country, at Tirupati, the Chief Minister said adding that the admissions will begin in February next year.

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